Audits, Reviews & Compilations
AuditsWe perform audits of privately owned companies, non-profit organizations, retirement plans, and governmental entities. Our focus is to use the audit to enhance management's ability to achieve its goals. In order to continually improve the quality of our audits, we are members of the Private Companies Practice Section, Employee Benefits Plan Audit Quality Center, and the Governmental Audit Quality Center of the Division for CPA firms sponsored by the American Institute of Certified Public Accountants. The objective of an audit is the expression of an opinion about whether our client's financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles or other comprehensive basis of accounting. Our audits are conducted in accordance with generally accepted auditing standards established by the Auditing Standards Board and include tests of accounting records and such other procedures we consider necessary to enable us to express such an opinion. At the conclusion of our audits, we provide recommendations for improvements to our clients' accounting systems and internal controls. We strive to provide our clients with a cost-effective audit, based on the experience of our staff and shareholders, and effective utilization of auditing techniques. ReviewsWe perform reviews to assist entities with bonding, licensing, borrowing, grant applications and many other purposes. As opposed to an audit of financial statements, a review provides only limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with generally accepted accounting principles. A review cannot be relied upon to disclose errors, fraud, or illegal acts that may exist. However, we inform our clients of any material errors and any evidence or information that comes to our attention during the performance of our review procedures that fraud may have occurred. CompilationsWe prepare compilations to assist our clients with bonding, licensing, borrowing, grant applications and many other purposes. We also prepare compilations of personal financial statements. A compilation differs significantly from a review or an audit of financial statements.A compilation does not contemplate performing inquiry, analytical procedures, or other procedures performed in a review. Additionally, a compilation does not contemplate procedures such as obtaining an understanding of a client's internal controls; assessing control risk; or other procedures ordinarily performed in an audit. We compile financial statements from information provided by the client. The objective of a compilation |
